Downtown Vancouver Condo Sales – March, 2011
The total condo sales for Downtown Vancouver in March 2011 totaled 581 was 44% higher than the previous month sale of 404. With total listings just over $1,700 units and 3 months average sale around 403 homes, the supply of condos in Downtown Vancouver is at 4.21 months of inventory.
This is a fairly healthy supply situation where home buyers have a decent selection of homes to buy. The market pressure for condo prices to gain ground is not very strong. The supply of homes from condo projects under construction, and new condos for sale directly from developers help to keep condo prices from going up significantly.
Market Outlook for Condos in Downtown Vancouver
Buyer activities are relatively stable in Downtown Vancouver, and there are a good selection of homes for sale in the market. The supply and demand for Downtown Vancouver condos can be described as relatively stable. The median price at around $490,000 is just a little higher than the previous month’s price around $485,000.
The average downtown condo price currently at around $650,000 mark was up moderately from the $620,000 to $630,000 range the past 2 months. The sales increase the past 2 months could be attributed to home buyers getting into the market before the elimination of the 35 years mortgage by Canadian Banks.
The current supply and demand for Downtown Vancouver condos are relatively stable. Unless the supply of new listings increased dramatically, or a huge jump in interest rates, the condo market in Downtown Vancouver can be expected to remain positive.